The natural hemp market has witnessed tremendous development in recent years, attributed to cannabidiol (CBD) products such as CBD oil’s popularity among wellness enthusiasts. The industry expects that CBD oil products are poised to take the health and wellness market by storm from 2022 to 2030. This is more evident from the sales of CBD oil products in the US, which rose almost 4 folds from 2017 to 2022.
Market Top Drivers
· CBD Awareness Campaigns Are Major Market Boosters
cbdMD hosts National CBD Month in January of each year to educate and increase awareness about CBD health benefits and lifestyle modifications among the general population. Along with this, it also applied for National CBD Day (a national holiday to memorialize CBD), which was further accepted by the National Day Calendar to increase sales, brand awareness, and social media engagement. CbdMD was the inaugural sponsor of National CBD Day, which was held for the first time on August 8, 2018. As a result, the CBD sector witnessed a large growth in US CBD product sales in 2019, later, which further migrated internationally into Europe. As a result of this, the UK, for an instance, has witnessed an increase of 8-11 percent of the population utilizing cannabidiol in recent years.
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· Rising CBD Products Adoption for Mental Health Issues such as Anxiety and Stress Management
In March 2021, Gold Bee published a result of more than 1,000 people’s survey that had the age range from 18 to 88. This survey result provides the answers to how CBD is being consumed for stress management. According to results, more than one-third (39%) of those polled said CBD was a vital tool for helping them manage stress or anxiety in 2020, with 49 percent of baby boomers, 39 percent of Gen Xers, and 36 percent of millennials saying it was very or very helpful. Another 44 percent of CBD users said that it was moderately useful in reducing their stress, while just 17 percent reported that it was only mildly effective.
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· Celebrity Endorsements to Boost the Adoption of CBD Products
a few celebrities have also taken a step forward and started their own CBD companies. For instance, in 2019, musician Willie Nelson along with his wife Annie Nelson started their own CBD company called "Willie’s Remedy" which sells CBD-based products such as teas, coffees, and CBD oils sourced from American hemp. Further, in December 2019, Lil Wayne (rapper) launched the cannabis brand GKUA Ultra-Premium which sells both marijuana and CBD oil containing almost no THC.
